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Z Capital withdraws proposal to acquire all shares of Affinity Gaming

Illinois private equity firm Z Capital Partners withdrew its nonbinding proposal to acquire all of the outstanding common shares of Affinity Gaming.

In a statement Monday, Affinity Gaming said Z Capital, the largest stockholder in the casino operator, withdrew its proposal to purchase all outstanding shares of the company last week.

Z Capital owns 30.5 percent of Affinity and offered $14 a share for the remaining stock, a 22 percent premium over the current value.

Affinity Gaming said a committee of the board reviewed Z Capital’s proposal and “tried to engage in meaningful dialogue, but could not successfully negotiate confidentiality and standstill agreements with Z Capital.”

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